Mkango Resources (LON:MKA) Trading 8.4% Higher - Time to Buy?

Key Points

• Mkango Resources Ltd. saw its stock price rise by 8.4% in mid-day trading, reaching a high of GBX 61 ($0.82).
• The company focuses on developing sustainable rare earth materials to meet the growing demand from electric vehicles and clean technologies.
• Mkango's market capitalization stands at £208.28 million, with a P/E ratio of -78.47, indicating a focus on growth rather than immediate profitability.

Mkango Resources Ltd. (LON:MKA - ) traded up 8.4% during mid-day trading on Tuesday . The company traded as high as GBX 61 ($0.82) and last traded at GBX 59.63 ($0.80). 1,794,490 shares were traded during trading, a decline of 31% from the average session volume of 2,608,617 shares. The stock had previously closed at GBX 55 ($0.74).

Mkango Resources Stock Performance

The business has a 50 day simple moving average of GBX 44.06 and a 200-day simple moving average of GBX 29.19. The stock has a market capitalization of £208.28 million, a P/E ratio of -78.47 and a beta of 2.17.

About Mkango Resources

Mkango's corporate strategy is to develop new sustainable primary and secondary sources of neodymium, praseodymium, dysprosium and terbium to supply accelerating demand from electric vehicles, wind turbines and other clean technologies. This integrated Mine, Refine, Recycle strategy differentiates Mkango from its peers, uniquely positioning the Company in the rare earths sector. Mkango released a Feasibility Study for Songwe Hill, Malawi, in July 2022.

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